We asked the U-T Housing Huddle, our group of 10 real estate experts

•Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University:

Although San Diego housing prices have been rising smartly over the past year, I do not believe there is another bubble in the making. A bubble has characteristics not present in the current environment. Prices are not significantly above fundamental values. There is not excessive media and cocktail hour speculation about house prices. We have not seen a relaxation in lending standards that fuels a bubble. And there is still a significant shadow inventory that can hit the market and depress prices in the future. San Diego house prices are still high on a national basis but hardly in bubble territory.

•Alan Nevin, economist and a principal at London Group Realty Advisers in San Diego:

No. We have a long way to go before we can talk about bubbles. The 13.7 percent increase relates to prices that are 40 percent below the peak five years ago. As prices increase, the 200,000 investor owners in the County (27 percent of all homes/condominiums) will gradually list the homes for sale that they bought at bargain prices. That will loosen up the inventory and ensure that prices will not accelerate irrationally. The good news for homeowners is that home prices will go up in 2013.

No. Market appreciation resulted from pent-up demand, roll back prices, low inventory and historic low interest rates. As these factors change, the appreciation will slow into a healthier pace. We’re not on the verge of a bubble, but rather more appreciation due to these forces. San Diego will always be subject to some level of a real estate "bubble" due to its growing population, high demand weather and lifestyle opportunities. San Diego real estate is desirable and we must be mindful of the recent past to make sound decisions.

•Robert Vallera, senior vice president of Voit Real Estate Services in San Diego:

No. Record-low interest rates created one of the most affordable markets San Diego has experienced in decades. The basic variables affecting the market were the low interest rates, a net gain of 30,000 jobs and almost non-existent new construction. The lower rates spurred increased activity in the move-up market, skewing the home price statistics upward. Yes, values could decline if interest rates rise sharply without continued, substantial employment growth. No one knows for certain whether today’s record low interest rates will begin to climb in a year or two, or persist for over a decade as they have in Japan.

No. Prices are being held in check by stricter lending guidelines. While demand is high and buyers are bidding prices up, if financing is required, we see that appraisers are being conservative on values and banks will not lend on inflated prices. Banks are still being conservative at this time because the nation is not seeing the as drastic of a recovery as in Southern California. If banks revert to relaxing on lending guidelines, we could see a similar situation as before where an overabundance of lending cause prices to increase dramatically and we could see a similar bubble like before.